Tuesday, August 31, 2010

August 2010 - Net Worth

The Stats:
Net Worth: (34,254) [Up $2,862!)

Assets: 34,588.00
Cash - $11,543
Retirement - $23,035

Debt: $68,842.00
Student Loans - $69,177.53
Credit Card - $335.53

Debt overview:

I pay my credit card off each cycle so I ignore the number in my own head. Truthfully, I am amazing compulsive paying my card more so than actually spending with it. I will typically come home after a large purchase and setup an online payment immediately to avoid falling into the credit card trap. My student loan balance decreased $2,678.07 for the month thus far with a large payment still uncleared.

Assets overview:


Well.... let's say not that great of a month for saving. I ended up down slightly overall. The market pulled back, and I just ended up a bit more cash. I did not save as much as I normally would have because of student loan payments, a vacation, a expensive visitor (I have to take out my Mother when she visits, right?) costs for two weddings, and truthfully having a bit too much fun in the summer. On the plus side is that I get paid on Friday so the low total is somewhat due to timing, and I sold some of my unneeded possessions and still will receive a security deposit. I expect to have an extra 1.5k next month. I feel comfortable with my cash reserves so I may payoff a student loan with a rate @ 6.125%. There is no way I can comfortably invest the money and get that return. Not to mention paying off the loan will open up around $260 in month cash flow, or I can target some of my adjustable rate private loans.

Wednesday, August 4, 2010

Get your credit score for free (No seriously) - Credit Karma Review

The site is called Credit Karma. Yes, it is actually free. No, you will not need to sign up only to cancel an account. The site gives you your TransUnion score. The site attempts to make money by selling products to users based upon the individual's profile. Don't believe me? Ask the Wall Street Journal what they think.


As banks continue to reign in credit your score become of critical importance to receive a superior financing rate. If you were to purchase a 500k home in Chicago a excellent score would saved you $174,000 dollars in interest over the life of the loan. You can try your own calculation here.


Now back to Credit Karma. You cannot beat price. The only barrier is that you will need to give personal data and trust the company with it, however you probably do the same thing when getting a credit card for a free t-shirt at a ballpark. Between the scorecard (shown below) and the credit simulator this site is a winner.

In addition to giving you your score there is a 'scorecard' that ranks you against your peers.